Real World Evidence (RWE)
Solutions Market by Component (RWD, EMR, Claim, Patient Registry, Pharmacy,
Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User
(Pharma, Biotech, Medical Devices, Payers, Healthcare) - Global Forecast to
2024.
A report into the projected growth of the current Real-World Evidence (RWE) solutions market by Meticulous Research® has produced lucrative forecasts for
the industry. By 2024, it’s expected to have grown at a compound annual growth
rate (CAGR) of 15.0%, reaching $1.64 billion.
Future Outlook: Real-World Evidence (RWE) Solutions Market to
Witness Lucrative Growth during the Forecast Period (2019-2024)
In a report published today, Meticulous Research® has stated
that the size of the global Real-World Evidence (RWE) solutions market will
reach an impressive $1.64 billion by 2024.
The researchers suggest that the growth of Real-World Evidence
(RWE) solutions market will be driven by factors including the rising geriatric
population and burden of chronic diseases, shift towards value-based care,
increasing R&D expenditure by the life sciences industry, delays in drug
development and the subsequent increase in development costs, and expanding use
of RWE for regulatory decision making.
The report states that data sets currently account for the
largest share of the total market and is expected to grow at a CAGR of 13.8%
from 2019 to 2024. Meticulous Research® identified as to why this segment will
continue dominating over real-world evidence services: “Due to increasing need
for additional insights on epidemiology, compliance, adherence and costs in a
realistic environment; growing amount of medical data generated in hospitals;
increasing dependence of outcome-based studies on real-world data; and rising
demand for information by the payers, regulatory bodies and providers regarding
drug safety.”
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Based on application, drug development and approvals commanded the largest share in 2018 owing to significant demand of RWD and RWE to accelerate drug discovery and development, increasing investment by biopharmaceutical companies in R&D, and growing inclination of regulatory bodies towards RWE. However, adoption of RWE for market access and reimbursement/coverage decisions is expected to witness fastest growth.
Pharmaceutical, biotechnology & medical device companies
were the leading adopters of real-world evidence solutions in 2018 and are also
expected to register fastest growth during the forecast period. This is
attributed to the increasing importance of RWE studies in drug development and
approvals, growing focus to avoid costly drug recalls, increasing need to
assess drug performance in real-world settings, and growing emphasis on drug
safety and post-market surveillance.
The report further speculates that North America is currently
home for most of the real-world evidence solutions providers and is the leading
adopter of RWD and RWE. The largest as well as fastest growth of this region is
supported by significant availability of real-world data sets, growing focus on
value-based care, rising R&D expenditure by the biopharma companies,
greater emphasis on early drug/device development and approvals, stringent
regulations for drug approvals, and favorable government policies (implementation
of 21st Century Cures Act (December 2016) and FDA’s new 2019 strategic
Framework for RWE (December 2018) in the U.S).
The key players operating in the global real-world evidence
(REW) solutions market are Anthem, Inc., Clinigen Group plc, Cognizant, IBM
Corporation, ICON plc, IQVIA, Optum,Inc., Oracle Corporation, PAREXEL
International Corporation, PerkinElmer Inc., Pharmaceutical Product
Development, LLC., SAS Institute Inc., and Syneos Health among others.
Key questions answered
in the report:
Shift towards
value-based care & Growing focus on personalized health care to drive the
adoption of RWE Solutions
- How the
penetration of RWE Solutions in Drug Development & Approvals does is
differ from that in Market Access & Reimbursement/Coverage Decisions
applications?
- What
impact does this have on the adoption of RWE Solutions to other
conventional technologies for various applications?
Pharmaceutical,
biotechnology and medical device companies account for largest proportion of
all End-user of RWE solution globally
- What
factors contribute to the frequent usage of RWE solution for
Pharmaceutical, biotechnology and medical device?
- Conversely,
which geographic segment is expected to experience the fastest growth for
Pharmaceutical, biotechnology and medical device?
The North
American RWE solution market favours both larger and local manufacturers that
compete in multiple segments
- Who
are the top competitors in this market and what strategies do they employ
to gain shares?
- What
is driving growth and which market segments have the most potential for
revenue expansion during the forecast period?
Recent new service launches,
acquisitions, collaborations, partnerships, and expansions have taken place in
the RWE solution space.
- What
companies have recently merged/acquired and how will these unions affect
the competitive landscape of the RWE solution space?
- What
companies have created partnerships and how will these partnerships
promote a competitive advantage?
Download Sample of Report, published in Feb 2019, key industry insights
spread across 166 pages with 134 market data tables & 49 figures &
charts from the report: @ https://www.meticulousresearch.com/download-sample-report/cp_id=4954
Scope of the Report:
RWE Solutions
Market, by Component
- Data
Sets
- Disparate
data sets
- EMR/EHR/Clinical
data
- Pharmacy
data
- Product/disease
registries
- Claims
& billing Data
- Other
data
- Integrated
data sets
- Consulting/
Services
RWE
Solutions Market, by Application
- Drug
development & approvals, by Therapeutic Area
- Oncology
- Cardiovascular
Disease
- Neurology
- Immunology
- Other
Therapeutic Areas
- Market
access & reimbursement/coverage decisions
- Medical
device development & approvals
- Clinical
decision-making
- Other
applications
RWE
Solutions Market, by End User
- Pharmaceutical,
biotechnology & medical device companies
- Healthcare
payers
- Healthcare
providers
- Other
End users
RWE
Solutions Market, by Geography
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest
of Europe (RoE)
- Asia-Pacific
(APAC)
- China
- Japan
- Rest
of APAC (RoAPAC)
- Rest
of the World ………………..Continued
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